Market update: Mortgage applications increase 0.9% overall

The MBA’s weekly mortgage application survey showed a 0.9% increase in overall volume, with refinances increasing by 4% and purchase applications increasing by 3%. Quicken Loans Vice President Bill Banfield offers the following comments on the report.

“Although buyers didn’t show up at the same pace, homeowners looking to refinance are finding interest rates at six-month lows.  This second bite at the apple was unexpected and should help refinance activity, including HARP refinances, gain additional momentum while these rates last.”

If you would like to talk to someone at Quicken Loans about today’s report or anything in the mortgage market, please contact us.